HomeMy WebLinkAbout1973-1518 FIXING THE TIME OF DELINQUENCY OF INSTALLMENTS OF ASSESSMENTS LEVIED FOR THE PAYMENT OF THE COST OF THE IMPROV ORDINANCE NO. 45/8
AN ORDINANCE fixing the time of delinquency of installments of
assessments levied for the payment of the cost of the
improvement in Local Improvement District No. 985
and providing for the issuance of bonds with coupons
attached for the payment of the unpaid portion thereof.
11/
BE IT ORDAINED BY THE CITY OF YAKIMA
Section 1. That there is unpaid the sum of $32,450.95
for the improvement made in Local Improvement District No. 985 as
created and established by Ordinance No. 1390, as amended by Ordinance
No. 1403 of the Ordinances of the City of Yakima, which shall be paid
in 10 equal annual installments, the first installment to be paid on
or before the 21st day of April, 1974, with interest on the whole un-
paid sum at the rate of 61/2 per cent per annum, and each year there-
after one of such installments together with interest thereon and on
the installments thereafter to become due at the rate of 6h per cent
per annum shall be due and payable on or before the 21st day of April
in each year, and shall be collected in the same manner as is provided
by law and the Ordinances of the said City.
Section 2. If any of the said installments of principal
or interest is not paid on or before the 21st day of April of each
year in which the same shall be payable, as provided in Section 1
hereof, the same shall thereupon become and be delinquent and shall
be collected as provided by the laws of the State of Washington and
the Ordinances of the City of Yakima, and said delinquent assessments
shall bear interest at the rate of 6h per cent per annum until paid
and be subject to a charge of 8 per cent penalty upon both principal
and interest due thereon.
Section 3. For the payment of the unpaid balance of the
4 1/ cost and expense of said improvement in said Local Improvement Dist-
rict No. 985, there shall be issued bonds of the District in the sum
of $32,450.95, said issue to consist of 64 bonds in the denomination
of $500.00 each and one bond of the denomination of $450.95 to be
numbered from one upwards consecutively, and shall bear interest at
the rate of 6 per cent per annum, payable annually on the 4th day of
May each year, the several installments of interest to be evidenced
by coupons attached to said bonds and both principal and interest
shall be payable at the office of the City Treasurer in the City of
Yakima, Washington.
Section 4. The bonds provided for herein shall be sub-
stantially in the form prescribed by Section 8.12.140 of the City of
Yakima Municipal Code. They shall be issued under date of May 4,
1973, and approximately 1/10th of said bond issue shall be payable on
or before the 4th day of May of each year thereafter, to and including
the 4th day of May, 1985.
Section 5. This ordinance is one relating to local
improvements or assessments therefor and shall become effective
immediately upon its passage, approval and publication as provided
by the City Charter.
PASSED BY THE CITY COUNCIL, signed and approved this
• 30th day of April, 1973.
MAYOR
ATTEST:
‘.
6firy CLERK